The Multilateral Investment Guarantee Agency (MIGA), part of the World Bank Group, has issued an EUR 6.9 million (US$7.6 million) guarantee for the development of the 60 MW solar projects in Senegal.
The guarantee is issued in complement with the loan from the International Finance Corporation (IFC). Meridiam and Engie will back the construction, interconnection, operation and maintenance of two solar parks - 25 MW Kael plant near Touba and the 35 MW Kahone plant that will be installed near the city of Kahone. The issued guarantee provides protection for up to 15 years and covers non-commercial risks.
The two solar projects are part of the World Bank’s Scaling Solar programme, which supports grid-tied solar PV power in emerging markets. Once operational, the solar parks will sell electricity to state-owned utility Senelec under a 25-year power purchase agreement (PPA). Engie Senegal will operate and maintain the facilities for 25 years.
Country updates
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August 26, 2019
4th annual Regional Energy Summit
The 4th annual Regional Energy Summit: West Africa (RES: West Africa) will arrive for the first time in Dakar, Senegal from 2-3 December 2019. RES: West Africa will bring together over 300 invest...
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August 08, 2019
Mainstream installs first turbine for 158 MW Taiba N’Diaye wind project
Mainstream Renewable Power has completed the construction of the first turbine in the 158 MW Taiba N’Diaye Wind Farm located in the semi-arid Sahel plain of Senegal. The wind facility...
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July 23, 2019
Two solar projects in Senegal achieve financial close
IFC, a member of the World Bank Group, has finalized financing for the first two Scaling Solar projects in Senegal, allowing construction to start on two solar plants that will provide 60 MWac of clea...
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April 29, 2019
Meridiam Infrastructure Africa Fund closes at EUR546
Meridiam has closed its Meridiam Infrastructure Africa Fund (MIAF) which was reopened in November 2018 for EUR546 (US$613.5 million) surpassing its initial target of EUR 510 million (US...
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February 26, 2019
IFC considers financing for 60 MW solar projects in Senegal
The International Finance Corporation (IFC) has disclosed that it is considering financing the development of two greenfield solar photovoltaic power plants in Senegal.
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